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houston bookkeeper debits and credits

Using Debits & Credits to Record Transactions

When you record an accounting transaction, you need to make a debit to one account and a credit to another. And the total amount you debited should also be equal to the amount you credited. If you’re not familiar with the rules of debit and credit, the whole process can be tricky. If you’re new […]

Global Bookkeeping

Accounting for 1031 Like-Kind Exchange

Section 1031 exchanges are not new. But the rules have changed over time.  A Section 1031 or like-kind exchange is an income tax concept. It applies when you swap two real estate properties with the same nature or character. Even if the quality or grade of these properties differs, they may still qualify for like-kind […]

quickbooks real estate

How to Use Quickbooks for Real Estate: The Basics

Quickbooks is a convenient tool for real estate businesses. Since there are many types of businesses in real estate, your Quickbooks set up will depend on what your exact industry is.  If you are a real estate agent, you may have different accounts compared to someone who is renting out properties or flipping properties. Here’s […]

key exchange bookkeeping

What is the Like-Kind Exchange Form 8824 All About?

Are you selling real property with plans of buying a new one of the same kind? If so, you may be able to defer capital gains tax through a like-kind exchange that you need to report in your Form 8824. What is a like-kind exchange? Taxpayers who exchange real property with the same nature or character […]

old paperwork bookkeeping

Form 5471: What Is It and Do You Need to File One?

Are you a U.S. shareholder of a foreign corporation? If you have been diligently filing all your returns and disclosures, you may be familiar with Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. Form 5471 an information returned filed along with the income tax return of covered individuals. Generally, individuals […]

accounting for credit cards in quickbooks

How to Add Credit Card Charges in QuickBooks

Most companies use credit cards to pay for supplies and services. And as a business owner, you need to know how to record those credit card transactions in QuickBooks. How exactly do you do that? When you’re using QuickBooks and most of your expenses are paid using credit cards, the process is much easier. Before […]

five tax tips

Five Simple Tax Prep Tips Before Time Runs Out

The tax year is almost over! Aside from starting to put your books to order, it pays to learn some year-end tax prep tips that can reduce your tax bill. Staying up to date with your taxes is a must for every business owner. Although you have a few months ahead of the next tax […]